- Optimism had a transaction value of $0.06 whereas zkSync’s value was $0.14.
- OP was down by 10% final week and metrics regarded bearish.
Ethereum [ETH] Layer 2s are gaining huge reputation, and the pack is being led by zkSync Period and Optimism [OP]. Each had their very own distinctive benefits and had been competing neck-to-neck by way of community exercise.
Learn Optimism’s [OP] Worth Prediction 2023-24
zkSync Period vs. Optimism
As per Dune Analytics, zkSync Period was probably the most worthwhile L2, because it accounted for greater than 42% of complete rollups’ income at press time. In the meantime, OP’s income had been the bottom, at solely 15%.
Supply: Dune
Poopman, a preferred X deal with that posts updates associated to DeFi, identified that regardless of zkSync being probably the most worthwhile, Optimism stole the limelight, if transaction value is taken into account.
The L2’s transaction value was significantly decrease than that of zkSync, which regarded encouraging.
.@zksync is probably the most worthwhile L2 amongst all others.
But, It’s also the most costly L2 to make use of.
Inside a yr, @zksync has earned a revenue of $15.30M from transaction payment alone (Excl. operator prices) 👑
Following behind,
🟣 @arbitrum has earned $11.63M 🥈
🔴 @optimismFND… pic.twitter.com/ZcrfHSmACC— Poopman (ve 💩, 🌿) (@poopmandefi) August 28, 2023
The explanation behind zkSync’s increased transaction value is that it must submit validity proof to show the correctness of batches. Because of this, prices are incurred, making zkSync considerably dearer than OP.
A decrease transaction value would possibly assist onboard new customers, suggesting a risk of OP overtaking zkSync in community exercise over the months to return.
Nevertheless, that was not the final, as Artemis’ information revealed that zkSync’s community exercise was increased. OP’s every day energetic addresses and every day transactions had been each significantly decrease than these of zkSync. In reality, zkSync just lately achieved a major milestone by surpassing 100 million transactions.
Whereas zkSync’s DEX quantity gained upward momentum, OP’s graph moved in the other way. Nonetheless, Optimism dominated zkSync by way of TVL.
Supply: Artemis
OP buyers are nervous
Not solely was OP behind zkSync by way of community exercise, however OP buyers had been additionally not having time. Based on CoinMarketCap, OP was down by almost 10% over the past seven days. On the time of writing, it was buying and selling at $1.42 with a market capitalization of over $1 billion.
Reasonable or not, right here’s OP’s market cap in BTC’s phrases
The pink worth chart elevated adverse sentiments across the token within the crypto market. Optimism’s community progress dropped sharply final week, which means that fewer new addresses had been created to switch the token.
One other bearish metric was OP’s MVRV ratio, which plummeted sharply, due to the worth drop.
